SECTIONS 100654 - California Statutes

EDUCATION CODE

SECTION 100654

100654. (a) From the proceeds of bonds issued and sold pursuant to
Article 5 (commencing with Section 100700), the sum of seven hundred
forty-five million eight hundred fifty-three thousand dollars
($745,853,000) shall be deposited in the 2002 Higher Education
Capital Outlay Bond Fund for the purposes of this article. When
appropriated, these funds shall be available for expenditure for the
purposes of this article.
(b) The purposes of this article include assisting in meeting the
capital outlay financing needs of the California Community Colleges.
(c) Proceeds from the sale of bonds issued and sold for the
purposes of this article may be used to fund construction on existing
campuses, including the construction of buildings and the
acquisition of related fixtures, construction of facilities that may
be used by more than one segment of public higher education
(intersegmental), the renovation and reconstruction of facilities,
site acquisition, the equipping of new, renovated, or reconstructed
facilities, which equipment shall have an average useful life of 10
years; and to provide funds for the payment of preconstruction costs,
including, but not limited to, preliminary plans and working
drawings for facilities of the California Community Colleges.